Paul Lachine

允许货币双轨制 给欧元找些“助手”

普林斯顿——欧元的出路似乎越来越窄,要么在绝望里苟活,要么在混乱中崩溃。但是,更大胆更有效的办法其实是有的,过去多元货币制的经验表明了这一点。

欧洲当前政策裹足不前,其所带来的威胁怎么估量都不过分。20世纪30年代初,货币政策分歧令美国的政策陷入瘫痪,纽约和芝加哥两地的联邦储备银行在货币宽松(当时通过在公开市场购入证券来操作)的问题上争执不下。如今,德法两国习惯性的政策争议也造成重大的不确定性,其潜在破坏力更甚于当初。

每隔几个月,欧洲各国政府就会搞出一套新的天才的方案,试图解决欧元区债务危机。于是金融市场在一种狂喜中反弹一天(有时甚至只有几小时)。但怀疑情绪迅速卷土重来。看起来没什么切实可行的解决办法。而货币联盟的有效运作所亟需的财政一体化,如何能在一个可操作的时间框架内得到实现,也没有任何长远的打算。

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